REAL ESTATE
OC Hotel Property Sales Down 30%
The number of hotels sold last year in Orange County declined 30% to 16 with a cumulative value of $343 million, according to a report by Atlas Hospitality Group in Irvine.
Pendry Aims for L.A. 2020
A long-rumored L.A. location for Irvine-based Montage International’s lifestyle Pendry Hotels division could open as early as next year on the Sunset Strip, at the former site of a House of Blues.
PCH’s Moshayedi Mile
Mo Honarkar made headlines last week for a string of property buys along the coast of Laguna Beach.
Cash-Flush Urovant Grows at UCI Research Park
22,000-sq.-ft. Lease for Drug Company With 2018 IPO
Urovant Sciences Ltd., an Irvine-based clinical-stage biopharma company that started operations in 2016 and went public last September, is about to get a much larger home near the University of California-Irvine.
Chip Switch: Skyworks Expands Local Ops
REAL ESTATE: Takes over former Broadcom office near UCI
Skyworks Solutions Inc., Orange County’s third largest maker of computer chips by local employee count, appears poised to significantly expand its operations after striking a large lease near its existing Irvine offices.
Mo, Better Booze
Mo Honarkar could soon supplant Dane Eiler “the Greeter” Larsen as Laguna Beach’s best-known local after buying a stretch of city properties along Coast Highway, including the iconic Hotel Laguna (the Insider’s favorite wedding spot), which Honarkar vows to restore “to its former glory.”
Senior Housing Developers Pay $21M for IBC Site
DEVELOPMENT: SmartHome site eyed for congregate care
A Dallas-based developer of senior living properties has bought a 3-acre site along Barranca Parkway in Irvine, and plans to start construction later this year on one of the city’s largest and amenity-heavy residential complexes for older residents.
Buchanan Street Adds to Rental Portfolio in Colorado
$72.5M Buy Tops for ’18 In Colorado Springs
Buchanan Street Partners closed 2018 on a high note, completing one of the largest apartment transactions of the year in Colorado.
Hotel Laguna Revamp Planned by New Owner
Honarkar Takes Over 7 Properties Along PCH
Businessman Mo Honarkar, a Laguna Beach resident who’s among the city’s largest real estate owners, said last week he added seven new properties along South Coast Highway to his portfolio, including the iconic Hotel Laguna.
Pacifica Hotels Promotes President
Aliso Viejo-based Pacifica Hotels has promoted Adam Marquis to president, responsible for operations and development for its 41 owned, managed, or in-development properties in California, Florida, and Hawaii.
Hotel Openings Down; Construction Up
Three hotels totaling 445 rooms opened in Orange County in 2018, down 54% from the 960 rooms at six hotels that opened in 2017, data from Irvine-based hotel broker-consultant Atlas Hospitality Group show.
Bob’s the Builder
Olson Brings Hotel Glitz to NB, Irvine, Dana Point
It’s been a whirlwind period of growth for Bob Olson, who over a 10-year stretch has gone from Orange County’s biggest and best-known hotel developer, to the largest in Southern California, to the most prolific in the Golden State.
Select Interior Buys T.A.C. for $43M
Select Interior Concepts, Inc. (Nasdaq: SIC), an Anaheim-based building products and services company, said it bought T.A.C. Ceramic Tile Co., an installer of residential and light commercial flooring, for $43 million cash.
Chipotle Adds Legal, Development Execs
Chipotle Mexican Grill Inc. (NYSE: CMG) in Newport Beach named Roger Theodoredis chief legal officer and Tabassum Zalotrawala chief development officer.
Chapman Sees Slowing Economy
The economies of Orange County, California and the U.S. should continue their expansions next year, albeit at slower rates, according to Chapman University’s annual economic forecast.
